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Top French court knocks down law against plant closures
March 27, 2014 / 3:46 PM / 3 years ago

Top French court knocks down law against plant closures

PARIS, March 27 (Reuters) - France’s constitutional court knocked down a law on Thursday that aimed to penalise healthy companies that shut down plants, ruling that penalties went against property rights and the freedom to do business.

The law would have required firms with more than 1,000 employees to prove they had exhausted all options for selling a factory before closing it down, with stiff fines for companies that failed to do enough to find a buyer.

Penalties for failing to sell a business asset were “contrary to the freedom of enterprise and property rights,” the Constitutional Court said in a statement.

Reporting By Emile Picy; Writing by Nicholas Vinocur; editing by John Irish

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